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The European Securities and Markets Authority elected Carlos San Basilio of Spain’s CNMV to its Management Board at a meeting in Paris on 6 October 2026. He is due to replace Carlo Comporti, who will leave the board when he takes up the role of ESMA Chair on 1 November.
The European Securities and Markets Authority (ESMA) has elected Carlos San Basilio of Spain’s Comisión Nacional del Mercado de Valores (CNMV) as a member of its Management Board. He is set to replace Carlo Comporti, who will leave the board to take up his new role as ESMA Chair on 1 November 2026.
The election took place at a meeting of ESMA’s Board of Supervisors in Paris on 6 October 2026, according to the regulator’s announcement. San Basilio represents Spain’s national securities-market authority, the CNMV. ESMA did not provide further details in the announcement about his responsibilities on the Management Board or the length of his term.
The change is linked to Comporti’s move into the chairmanship. ESMA said he will step down as a Management Board member when he takes up the role of ESMA Chair on 1 November. From that date, the board’s listed membership will include San Basilio alongside representatives associated with authorities in Germany, France, Malta, Slovakia and Finland. ESMA Executive Director Natasha Cazenave is listed as a non-voting member, Vice-Chair Vojtěch Belling as an observer, and a European Commission representative as a non-voting member.
ESMA described the Management Board as the body responsible for ensuring that the Authority carries out its mission and performs tasks assigned under its founding Regulation. The appointment therefore places San Basilio on a board involved in overseeing the regulator’s work, while the announcement does not set out a new policy or a specific change to its regulatory priorities.
A Seat on ESMA’s Governing Board
The appointment changes the composition of a key ESMA governing body at the same time as the authority changes chair. The Management Board is responsible for ensuring ESMA performs its assigned tasks, so its membership matters to how the regulator oversees its operations and mission. San Basilio’s appointment brings a representative of Spain’s CNMV onto the board as Comporti moves into the chair role.
For market participants and national regulators, the announcement confirms a leadership and membership change rather than a new rule or supervisory decision. ESMA is the EU body responsible for securities markets regulation and supervision, and its work can affect regulatory coordination across member states. The available announcement does not indicate that San Basilio’s election will alter particular policies, enforcement actions or market requirements. Any assessment of its practical effects would depend on later decisions or statements from ESMA.
The timing also makes the two roles distinct: Comporti is leaving the Management Board seat to become ESMA Chair, while San Basilio is joining the board. The published roster lists Comporti as ESMA Chair from 1 November, alongside the other board categories and members.
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The October Election and November Change
ESMA announced the appointment after a Board of Supervisors meeting in Paris on 6 October 2026. The source identifies the meeting as the setting for the election but does not describe the voting procedure, the number of candidates or whether the decision was contested.
The change is scheduled to take effect on 1 November 2026, when Comporti is due to take up the chairmanship and San Basilio is listed among the Management Board members. The regulator’s announcement presents the appointment as part of that change in roles. Its founding Regulation provides the stated basis for the board’s responsibility to see that ESMA carries out its mission and assigned tasks.
The published list also distinguishes voting status and roles. Cazenave is identified as a non-voting member, Belling as an observer, and the European Commission representative as non-voting. ESMA did not describe any changes to those positions in connection with San Basilio’s election.
“The Management Board is responsible for ensuring that the Authority carries out its mission and performs the tasks assigned to it under its founding Regulation.”
— European Securities and Markets Authority
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Details Not Given in the Announcement
ESMA’s announcement confirms the election date, San Basilio’s CNMV affiliation, Comporti’s impending move to the chairmanship and the planned effective date. It does not state San Basilio’s term length, the election’s voting results, the process used to select him or any specific portfolio he may hold within the board.
The announcement also does not outline a change in ESMA policy or explain whether the board’s work programme will shift after the appointments take effect. The listed membership is framed from 1 November 2026; any subsequent changes are not addressed in the source. These points should not be inferred from the appointment alone.
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Board Membership Takes Effect in November
The stated next milestone is 1 November 2026, when Comporti is due to take up the ESMA Chair role and San Basilio is expected to serve as a Management Board member. ESMA’s published list sets out the board composition from that date.
ESMA has not announced a further appointment-related event, a term schedule or new responsibilities for San Basilio. Further information would need to come from the authority or subsequent board communications. For now, the confirmed development is the election and the planned change in membership, not a change to particular rules or supervisory measures.
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Key Questions
Who has ESMA appointed to its Management Board?
ESMA elected Carlos San Basilio of Spain’s Comisión Nacional del Mercado de Valores (CNMV) as a new Management Board member.
When was the appointment made?
The election took place at a meeting of ESMA’s Board of Supervisors in Paris on 6 October 2026.
Who is San Basilio replacing?
He is set to replace Carlo Comporti, who will step down from the Management Board to take up the role of ESMA Chair on 1 November 2026.
What does ESMA’s Management Board do?
ESMA says the board is responsible for ensuring the Authority carries out its mission and performs the tasks assigned under its founding Regulation.
Has ESMA announced any policy changes with the appointment?
No. The announcement concerns the board appointment and change in roles. It does not announce a specific change to ESMA rules, supervisory priorities or enforcement actions.
Source: primary
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